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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2011
COMMON STOCK [Abstract] |
Shareholders' Equity | SHAREHOLDERS' EQUITY Common Stock During the year ended December 31, 2011, the Company offered and sold pursuant to its continuous equity placement program (also known as an "at the market" program, or "ATM") through its sales agent, JMP Securities LLC, 409,237 shares of its common stock at an average price of $10.75 in negotiated transactions or transactions that are deemed to be “at the market offerings,” as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company received proceeds of $4,332, net of broker sales commission. During December 2011, the Company amended its Equity Distribution Agreement with JMP Securities LLC to issue and sell up to 8,000,000 shares of the Company's common stock. As of December 31, 2011, the Company had not issued any shares under this amended ATM program. Please refer to Note 16 regarding issuances of the Company's common stock subsequent to December 31, 2011. During the year ended December 31, 2011, the Company closed a public offering of 9,200,000 shares of its common stock, including 1,200,000 shares pursuant to an overallotment option that was fully exercised by the underwriters, at a public offering price of $10.35 per share for total net proceeds of $90,459 after deduction of underwriting discounts, commissions, and expenses. The Company has used these proceeds to acquire additional investments consistent with its investment policy. The Company implemented a Dividend Reinvestment and Share Purchase Plan ("DRIP") in 2011 which allows registered shareholders to automatically reinvest some or all of their quarterly dividends in shares of the Company’s stock and provides an opportunity for investors to purchase shares of the Company’s stock, potentially at a discount to the prevailing market price. During 2011, the Company issued 4,365 shares pursuant to the DRIP for total proceeds of $39. During the year ended December 31, 2010, the Company redeemed each outstanding share of the Company's Series D 9.50% Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") in exchange for one share of its common stock. as of December 31, 2011 and December 31, 2010, the Company does not have any outstanding shares of the Series D Preferred Stock. The following table presents a summary of the changes in the number of common shares outstanding for the periods indicated:
| For the Year Ended
| December 31,
| 2011 |  | 2010 |  | 2009
Balance at beginning of period | 30,342,897 |  |  | 13,931,512 |  |  | 12,169,762 |
Common stock issued under ATM programs | 409,237 |  |  | 5,192,816 |  |  | 1,751,750 |
Common stock issued via public offerings | 9,200,000 |  |  | 6,900,000 |  |  | — |
Common stock issued under DRIP | 4,365 |  |  | 0 |  |  | — |
Common stock redeemed under 2004 Stock and Incentive Plan | 15,000 |  |  | 50,000 |  |  | — |
Common stock issued under 2009 Stock and Incentive Plan | 411,031 |  | 47,030 |  |  | 10,000 |
Conversion of preferred stock to common stock | — |  |  | 4,221,539 |  |  | — |
Balance at end of period | 40,382,530 |  |  | 30,342,897 |  |  | 13,931,512 |
Incentive Plans. Of the 2,500,000 shares of common stock authorized for issuance under the Company's 2009 Stock and Incentive Plan, 2,041,939 shares remain available as of December 31, 2011. Although the Company is no longer issuing stock-based compensation under its 2004 Stock Incentive Plan, there are stock options, SARs, and restricted stock still outstanding (and exercisable if vested) thereunder as of December 31, 2011. The Company has not granted any stock options since the year ended December 31, 2008, and the compensation cost related to all stock options has been expensed in prior periods. The following table presents a rollforward of the stock option activity for the periods presented:
| For the Year Ended
| December 31,
| 2011 |  | 2010 |  | 2009
| Quantity | Weighted-Average Price |  | Quantity | Weighted-Average Price |  | Quantity | Weighted-Average Price
Stock options outstanding at beginning of period | 45,000 |  | $ | 8.75 |  |  | 95,000 |  | $ | 8.59 |  |  | 110,000 |  | $ | 8.61 |
Stock options forfeited | — |  | — |  |  | — |  | — |  |  | (15,000 | ) | 8.30 |
Stock options exercised | (15,000 | ) | 7.43 |  |  | (50,000 | ) | 8.45 |  |  | — |  | — |
Stock options outstanding at end of period | 30,000 |  | $ | 9.42 |  |  | 45,000 |  | $ | 8.75 |  |  | 95,000 |  | $ | 8.59 |
As of December 31, 2011, the fair value of the Company’s outstanding restricted stock remaining to be amortized into net income is $2,633. The following table presents a rollforward of the restricted stock activity for the periods presented:
| For the Year Ended
| December 31,
| 2011 |  | 2010 |  | 2009
Restricted stock outstanding at beginning of period | 25,000 |  |  | 32,500 |  |  | 30,000 |
Restricted stock granted | 358,006 |  |  | 10,000 |  |  | 10,000 |
Restricted stock vested | (17,500 | ) |  | (17,500 | ) |  | (7,500 | )
Restricted stock outstanding at end of period | 365,506 |  |  | 25,000 |  |  | 32,500 |
As of December 31, 2011 and December 31, 2010, the fair value of the Company’s outstanding SARs of $77 and $492, respectively, are recorded as liabilities on its consolidated balance sheet for the respective periods. The fair value of SARs is estimated using the Black-Scholes option valuation model based upon the assumptions in the table below.
| December 31, 2011 | December 31, 2010
Expected volatility | 27.9%-37.0% |  | 16.2%-18.6% |
Weighted-average volatility | 31.7 | % | 17.3 | %
Estimated dividend yield | 12.2 | % | 9.9%-10.3% |
Expected term (in months) | 10 |  | 12 |
Weighted-average risk-free rate | 0.69 | % | 0.81 | %
Range of risk-free rates | 0.66%-0.72% |  | 0.4%-1.3% |
The following table presents a rollforward of the SARs activity for the periods presented:
| For the Year Ended
| December 31,
| 2011 |  | 2010 |  | 2009
| Quantity | Weighted-Average Price |  | Quantity | Weighted-Average Price |  | Quantity | Weighted-Average Price
SARs outstanding at beginning of period | 136,875 |  | $ | 7.31 |  |  | 278,146 |  | $ | 7.27 |  |  | 278,146 |  | $ | 7.27 |
SARs exercised | (77,500 | ) | 7.64 |  |  | (141,271 | ) | 7.24 |  |  | — |  | — |
SARs outstanding at end of period | 59,375 |  | $ | 6.87 |  |  | 136,875 |  | $ | 7.31 |  |  | 278,146 |  | $ | 7.27 |
As of December 31, 2011, all of the Company's outstanding SARs are vested and exercisable at a weighted average price of $6.87 at any time prior to their expiration dates. The weighted average remaining contractual term on these outstanding SARs as of December 31, 2011 is 19 months, and 25,000 of the outstanding SARs are set to expire if they are not exercised on or before December 31, 2012. Total stock-based compensation expense recognized by the Company for the year ended December 31, 2011 is $917 compared to $627 and $526 for the year s ended December 31, 2010 and December 31, 2009, respectively. Additional Paid-In Capital The following table presents a rollforward of the Company's changes in additional paid-in capital for the year ended December 31, 2011:
| Additional Paid-In Capital
Balance as of January 1, 2011 | $ | 538,304 |
Common stock issuances: |
DRIP issuances | 40 |
ATM issuances | 4,284 |
Public offerings | 90,343 |
Incentive plans | 656 |
Amortization of restricted stock | 1,198 |
Capitalized expenses | (142 | )
Balance as of December 31, 2011 | $ | 634,683 |
Accumulated Other Comprehensive Income Accumulated other comprehensive income as of December 31, 2011 and December 31, 2010 is comprised of the following items:
| December 31, 2011 |  | December 31, 2010
Available for sale investments: |  |  |
Unrealized gains | $ | 36,091 |  |  | $ | 20,443 |
Unrealized losses | (13,902 | ) |  | (7,566 | )
| 22,189 |  |  | 12,877 |
Hedging instruments: |  |  |  |  |
Unrealized gains | — |  |  | 692 |
Unrealized losses | (25,444 | ) |  | (3,512 | )
| (25,444 | ) |  | (2,820 | )
Accumulated other comprehensive (loss) income | $ | (3,255 | ) |  | $ | 10,057 |
Due to the Company’s REIT status, the items comprising other comprehensive income do not have related tax effects. Accumulated Deficit The following table presents a rollforward of the Company's accumulated deficit for the year ended December 31, 2011:
| Accumulated Deficit
Balance as of January 1, 2011 | $ | (256,307 | )
Net income for the quarter ended March 31, 2011 | 10,280 |
Dividends declared ($0.27 per share) for the quarter ended March 31, 2011 | (10,886 | )
Net income for the quarter ended June 30, 2011 | 13,594 |
Dividends declared ($0.27 per share) for the quarter ended June 30, 2011 | (10,892 | )
Net income for the quarter ended September 30, 2011 | 1,532 |
Dividends declared ($0.27 per share) for the quarter ended September 30, 2011 | (10,903 | )
Net income for the quarter ended December 31, 2011 | 14,406 |
Dividends declared ($0.28 per share) for the quarter ended December 31, 2011 | (11,307 | )
Balance as of December 31, 2011 | $ | (260,483 | )

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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